DUBLIN--(BUSINESS WIRE)--The "Mexico NFT Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels - Q2 2022" report has been added to ResearchAndMarkets.com's offering.
NFT industry in Mexico is expected to grow by 46.3% on an annual basis to reach US$1123.7 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 33.4% during 2022-2028. The NFT Spend Value in the country will increase from US$1123.7 million in 2022 to reach US$5777.4 million by 2028.
The non-fungible token (NFT) market is still in its early stages of development in Mexico. However, the growing popularity of the digital asset and the widespread adoption among the crypto community has driven the industry's growth over the last 12 months in the country. Several innovative NFT products have been launched over the last year, which has supported the market growth in Mexico.
Globally, several brands across different industry verticals have already entered the NFT space by launching their digital asset collectibles. These brands are using NFTs to better engage with their customers, drive brand awareness, and offer exclusive benefits to the owners.
The publisher expects similar trends to evolve in the Mexican NFT market over two to three years. Several brands have already started to mix NFT in their marketing strategies with increasing frequency. This trend is expected to intensify in the country from the short to medium-term perspective as the awareness and adoption among customers continue to grow in Mexico further. The publisher, therefore, expects the rising adoption of NFTs among brands to drive the future growth of the market in the country.
Music festivals are using NFTs as part of their marketing strategies in Mexico
One such example is, Akumal, a small village in Mexico's Yucatan peninsula region where things started to change when a local bakery owner, Jennifer Smith, launched Akumal Arts Festival in 2018.
Over the last 12 months, the NFT popularity has grown continuously. In the growing talks about NFTs in Mexico, music festivals have started to use NFTs as part of their marketing strategies.
In March 2022, Cerveza Tecate Pa'l Norte, one of the largest music festivals in Mexico, announced the creation and sale of NFTs. Notably, the NFTs, created specifically for the event and loaded with lifetime benefits for the owners, was part of Cerveza Tecate's marketing strategy. Football leagues are launching NFT collectibles to generate a new source of income amid the pandemic impact on revenue.
The global pandemic has had a severe impact on most industries across verticals. Notably, the Covid-19 pandemic also affected the sports business severely in Mexico. With the movement restrictions imposed and social distancing requirements, fans were not allowed to enter the stadiums and watch the football games.
This resulted in high revenue loss for football leagues regarding ticket sales. To overcome these losses, football leagues in the country entered the NFT space and launched their collectibles to generate a new source of income.
In April 2021, Liga MX, the top soccer league in the country, announced that it would launch the NFT collection at the beginning of the 21'/22' season, which was slated to start at the end of August 2021. To launch its NFT collection, Liga MX entered into a strategic collaboration with Bondly, the NFT marketplace which auctioned the NFTs.
Notably, Liga MX is one of the first soccer leagues to launch NFT collectibles. Globally, several individual teams have entered the NFT space and announced the sales of their collectibles.
Football clubs are entering into strategic partnerships with NFT platforms to launch NFT collectibles
Several global football clubs and players are entering the NFT space to launch their NFT collectibles. Notably, similar trends are visible in Mexico, wherein football clubs partner with global NFT platforms to launch their NFTs.
In February 2022, the Atlas Futbol Club announced that the club has entered into a strategic partnership with Sorare, the French NFT platform, allowing fans to trade NFT cards of their favorite players.
Under the collaboration with Sorare, the Atlas Futbol Club has launched an Atlas F.C. NFT auction, which comprises NFT cards of star players, including Luciano Acosta, Jairo Torres, and Martin Nervo, among others.
With its partnership with Sorare, the Atlas Futbol Club became the second from Mexico to join the long list of established teams entering the digital asset collectibles market globally.
NFTs are helping communities to rebuild an underserved Mexican village
Because of its geographical location, Akumal, a small village in Mexico's Yucatan peninsula region, most government funding for developmental projects failed to reach the village. This is why most of the region and the population remained underserved for many years. However, things started to change when a local bakery owner, Jennifer Smith, launched Akumal Arts Festival in 2018.
Cryptocurrency exchanges are turning popular Mexican games into a Solana-based NFT experience
Amid the growing number of use cases, raising funds through NFTs is one of the most common. Many organizations globally are using NFTs to raise funds for non-profit organizations. Notably, similar trends are seen in Mexico, where cryptocurrency exchanges turn the famous Mexican game into a Solana-based NFT experience.
In October 2021, FTX, one of the leading cryptocurrency exchanges, announced that the firm is turning the famous Mexican game Loteria into an NFT-centric game on Solana. Notably, the firm stated that the funds from the project would benefit the non-profit organization. The non-profit organizations that will benefit from the project include the Hispanic Heritage Foundation, the Rising Tide Network, and Latino Community Foundation.
Mexico NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Mexico NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Fashion & Luxury
Mexico NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Memes & Gif
Mexico NFT Market Size and Forecast by Currency, 2019-2028
Mexico NFT Market Size and Forecast by Sales Channels, 2019-2028
Mexico User Statistics, 2019-2028
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Laura Wood, Senior Press Manager
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